The EUR/USD has rebounded and has recovered after the massive drop, the rate has increased a little, but the price remains under immense selling pressure, could resume the downward movement in the coming hours as the USD has received a helping hand from the United States economy. The greenback could increase again as the USDX remain higher, the index is moving sideways on the short term, is consolidating the latest gains and could jump much higher in the coming hours as the US data has come better.
The US dollar has increased aggressively after the US data were sent to the public, the Final Gross Domestic Product has increased by 1.1%, exceeding the 1.0% estimate, while the Final GDP Price Index has increased only by 0.4%, less compared to the 0.6% estimate. Moreover the S&P/CS Composite-20 HPI rose by 5.4%, less than the 5.5% forecast, the Richmond manufacturing Index has disappointed as well, the indicator has decreased from -1 to -7 points even if the traders have expected to see an increase to 2 points. The USD has increased aggressively after the CB Consumer Confidence was released by the Conference Board Inc., the economic indicator has increased from 92.4 to 98.0 points, has come in much better than the 93.2 estimate, has reached the highest level of the last 5 months and has lifted the USD versus all its counterparts, the US currency could resume the bullish movement started in the last week.